Aeon Financial says its M&A deal with Vietnam's SeABank is invalid

Aeon Financial Service Co

06/06/2025 11:34

TOKYO, June 6 (Reuters) - Aeon Financial Service 8570.T said on Friday that its deal to buy a financial company owned by Vietnam's Southeast Asia Commercial Joint Stock Bank SSB.HM was invalid due to "inappropriate accounting transactions."

The Japanese financial services company, a subsidiary of the Aeon 8267.T retail group, in February completed the acquisition of Post and Telecommunication Finance, a non-banking credit organisation, from SeABank for about 26.2 billion yen ($181.81 million).

But the Japanese company later found that accounting information disclosed before the agreement "significantly diverged from reality," it said in a statement.

SeABank did not immediately reply to a request for comment.

Aeon Financial said it will seek to invalidate the equity transfer agreement, and wants to recoup expenses incurred in concluding the equity transfer agreement.

($1 = 144.1100 yen)

 (Reporting by Mariko Katsumura in Tokyo and Khanh Vu in Hanoi. Editing by Jane Merriman)

 ((Mariko.Katsumura@thomsonreuters.com;))